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Keen to help your retirement savings last longer?

Your super account is probably the most tax-effective place for you to deposit any extra money. This is because any investment earnings in your super are taxed at a maximum rate of 15%. And if you’ve already transitioned to a pension account, it’s tax free. Compare that to investment earnings outside of super, which are charged at the higher marginal tax rate (between 19 – 45%!).

Getting more money into super

The changes to super rules in July 2022 and 2023 have created some new opportunities to get more money into super, even after you’ve retired.

Let’s look at some super rules you could the taking advantage of:

1. The downsizer rule

If you’re thinking about downsizing your family home, you can use up to $300,000 from the sale to boost your super and retirement savings. And if you are a couple, you can put up to $600,000 into super. This limit is in addition to your super contribution caps (more on these below).

You’ll need to act quickly though – as you only have 90 days after the sale to make a deposit. 

You also need to be over the age of 55, working or fully retired, and have owned your home for at least 10 years. Downsizer contributions are a type of after-tax contribution that aren’t included in the after-tax contributions cap. You won’t pay any tax when you put this money in your super.

Learn more

Centrelink assessment

When you sell your home, any proceeds that aren’t used to purchase, build or renovate another home (within 24mths of the sale) will be considered an asset and the income test will apply, even if you are putting that money into your super account.

Find out more about the income and asset tests

Our financial planners can assess the impacts on your Centrelink payments and recommend strategies to help maximise your retirement savings and optimise your Centrelink entitlements. Book an appointment today to find out how they can help. Call us on 1800 620 305.

Things to consider

  • You must not have previously made a downsizer contribution
  •  Your home must be in Australia
  • Your home cannot be a caravan, houseboat or other mobile home
  • You must be eligible for at least a partial capital gains tax exemption on the sale of your home
  • You must provide the fund with a downsizer form either before or at time of contribution
  • Downsizer contributions will count towards your transfer balance cap if used to start a retirement income stream

2. The bring forward rule

Another way to boost your super is by contributing extra from your take home, or after-tax pay, savings or inheritance.

If your total super balance is under $1.9 million, you can add $110,000 this financial year as a non-concessional (after-tax) contribution.

But there’s a special rule that lets you ‘bring forward’ up to two years’ worth of contributions in a single year. 

That means you can make up to three years’ worth of contributions (so $330,000) in one financial year. You need to be under 75 years old on 1 July of the financial year you make extra contributions in and have a total super balance of less than $1.68 million. If you contribute the full $330,000 in one financial year, you’ll need to wait two financial years before you can make any more after-tax contributions.

Learn more about contribution caps and adding to super after tax

3. The carry forward rule

Still working? You can also make concessional (before-tax) contributions. There is a different cap that applies here, but you can use the carry forward rule (which works in a similar way to the bring forward rule) to make extra contributions in a single year.

We can help 

Some of these super rules can get a little complicated, so you should seek help from a financial planner to maximise the tax benefits of your retirement income stream, without breaching the Australian Tax Office (ATO) rules. Give us a call on 1800 620 305 to book an appointment.   

Did you know you can pay for advice through your pension (or super) account when you get advice related to these accounts?

Over 95% of our members choose to pay this way. The first meeting will cost you nothing, so you can learn more how our financial planner can help before deciding what to do.

Register for a seminar

Three upcoming locations for Living a confident retirement: Building a plan and strategy for your money


Wednesday, 6 Sept 5:30-7:00pm AEST

Aware Super
Seminar room
Level 24 388 George Street
Sydney, NSW 2000

Register now


Thursday, 7 Sept 5:30-7:00pm AEST

Oatlands Golf Club
Function room
94 Bettington Road
Oatlands, NSW 2117

Register now


Thursday, 7 Sept 12:00-1:30pm AEST

Tradies Gymea
Southern Cross room
57 Manchester Road
Gymea, NSW 2227

Register now

Personal advice requires the provider to act in the client’s best interests and take into account the client’s circumstances. These rules do not apply to general advice. This communication contains general advice only and no personal advice. We have not taken into consideration any of your objectives, financial situation or needs or any information we hold about you when providing this general advice. Further this communication does not contain, and should not be read as containing, any recommendations to you in relation to our product. Before taking any action, you should consider whether the general advice contained in this communication is appropriate to you having regard to your circumstances and needs and seek appropriate professional advice if you think you need it. Contact us to make an appointment to see one of our representatives. Before making a decision about Aware Super you should read our product disclosure statement and Target Market Determination (TMD) available at or call us and we’ll send you a copy. Issued by Aware Super Pty Ltd ABN 11 118 202 672, AFSL 293340, the trustee of Aware Super ABN 53 226 460 365. Financial planning services are provided by our wholly owned financial planning business Aware Financial Services Australia Limited, ABN 86 003 742 756, AFSL No. 238430. You should read their Financial Services Guide before making a decision.